Very productive meeting with the Midland Clawback Campaign, Unite the Union and other MPs last week to discuss the next steps in the fight for justice for HSBC/Midland Bank employees whose company pensions have been unfairly cut by up to £2,500 a year.
A number of my constituents are affected by the outdated practice of pension ‘clawback’, which hits the lowest paid hardest. Due to poor communication by the bank, most people don’t know it applies to them until they retire and find out they will lose a big chunk of their pension income. This is unacceptable.
I will keep working with other MPs to put pressure on HSBC’s senior management to answer to us and the constituents we represent. HSBC must do the right thing by stopping the appalling practice of clawback and compensating those affected by it.